85 STAT. ]
PUBLIC LAW 92-178-DEC. 10, 1971
535
"(£) CREDIT NOT TO EXCEED SO PERCENT OF TAX.—The credit under subsection (a) with respect to any coin-operated gaming device shall not exceed 80 percent of the tax imposed by section 4461 with respect to such device. 73 Stat. 620; "(c) SPECIAL PROVISIONS FOR PAYMENT OF TAX.—Under regulations ^^2rusc 446i,. prescribed by the Secretary or his delegate, a person who believes he will be entitled to a credit under subsection (a) with respect to any coin-operated gaming device for any year shall, for purposes of this subtitle and subtitle F, satisfy his liability for the tax imposed by ^oo^i^^^ ^°'*^" section 4461 with respect to such device for such year if— "(1) on or before the date prescribed by law for payment of the tax imposed by section 4461 with respect to such device for such year, he has paid the amount of such tax reduced by the amount of the credit which he estimates will be allowable under subsection (a) with respect to such device for such year, and "(2) on or before the last day of such year, pays the amount (if any) by which the credit for such year is less than the credit estimated under paragraph (1). " (b) CLERICAL AMENDMENT.—The table of sections for subchapter B of chapter 36 is amended by adding at the end thereof the following new item: "Sec. 4464. Credit for State-imposed taxes." (c) EFFECTIVE DATE.—The amendments made by subsections (a)
and (b) shall apply on and after July 1, 1972.
TITLE
V—DOMESTIC INTERNATIONAL SALES CORPORATIONS
SEC. 501. DOMESTIC INTERNATIONAL SALES CORPORATIONS. Subchapter N of chapter 1 (relating to income from sources without 76^|^t!'ioo6^^' the United States) is amended by adding at the end thereof the fol- so stat! ises! lowing new part: ^e use sei.
"PART IV—DOMESTIC INTERNATIONAL SALES CORPORATIONS "Subpart A. Treatment of qualifying corporations. "Subpart B. Treatment of distributions to shareholders.
"Subpart A—Treatment of Qualifying Corporations "Sec. 991. Taxation of a domestic international sales corporation. "See. 992. Requirements of a domestic international sales corporation. "Sec. 993. Definitions and special rules. "Sec. 994. Inter-company pricing rules. "SEC. 991. TAXATION OF A DOMESTIC INTERNATIONAL SALES CORPORATION.
"For purposes of the taxes imposed by this subtitle upon a D I S C (as defined in section 992(a)), a D I S C shall not be subject to the taxes imposed by this subtitle except for the tax imposed by chapter 5. "SEC. 992. REQUIREMENTS OF A DOMESTIC INTERNATIONAL SALES CORPORATION. " (a) DEFINITION of ' D I S C and 'FORMER D I S C — "(1) D I S C — For purposes of this title, the term ' D I S C means, with respect to any taxable year, a corporation which is incorporated under the laws of any State and satisfies the following conditions for the taxable year: " (A) 95 percent or more of the gross receipts (as defined
^""•^' sfi^isr^^idQ^i^' 26 USC 1491.
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